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Dec 6, 2012
12/12
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as soon as you get done figuring out, how much is sandy, how much is not sandy, we have to start dealing with the fiscal cliff so there's a shock behind us and a shock in front of us. so we're in limbo right now. and we're expecting a big effect from sandy in the friday number, especially in maybe the household survey, they moved the survey week back a week. because of an early thanksgiving. they do that -- so instead of it being the week of the 12th, it's the week of the 5th. >> so this number is going to tell us nothing tomorrow? > know there's going to be a lot of discussion about it. i'll stick to my guns, it's a 125 to 150 economy growth some of that could be sandy. i don't donknow if you want to k about that chart. this looks at the net effect acceptable. if 30% say it's acceptable and 20% say -- these are what we asked people. how many is that? that's five of eight different solutions. >> people say, yes, we're okay dealing with the fiscal cliff, if you raise taxes on those who make more than $250,000 and then you cap deductions, and virtually everything else is off the table. >>
as soon as you get done figuring out, how much is sandy, how much is not sandy, we have to start dealing with the fiscal cliff so there's a shock behind us and a shock in front of us. so we're in limbo right now. and we're expecting a big effect from sandy in the friday number, especially in maybe the household survey, they moved the survey week back a week. because of an early thanksgiving. they do that -- so instead of it being the week of the 12th, it's the week of the 5th. >> so this...
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Dec 7, 2012
12/12
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now, again, back to hurricane sandy. from the commissioner's statement, the storm we saw happen on october 29th, the next pay period ended on november 12th. the way bls essentially keeps score it says workers have to be off work for the entire pay period to be counted on the negative side. on the household survey side, persons who missed work for weather-related events are counted as employed whether or not they are paid for the time off. we did have a drop in the labor force participation rate, down 0.2 to 63.6%. how did we get to 7.7% unemployment? basically the number of unemployed persons dropped more than the number of employed and there were downward trends in both those categories. lots to chew on. back to you guys. >> hampton, thank you. we are kind of scratching our heads. let's get more reaction from our panel. mark zandi and jared bernstein are here with us. mark, what do you make of this number? we've set this up as numbers were not going to be things we watched closely because of sandy. >> i'd say two things
now, again, back to hurricane sandy. from the commissioner's statement, the storm we saw happen on october 29th, the next pay period ended on november 12th. the way bls essentially keeps score it says workers have to be off work for the entire pay period to be counted on the negative side. on the household survey side, persons who missed work for weather-related events are counted as employed whether or not they are paid for the time off. we did have a drop in the labor force participation...
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Dec 4, 2012
12/12
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of sandy jobless claims relative to katrina. if we don't have that chart -- there it is, great. it goes up and now we're in the down. it may pop back. but the trouble is that the big surge there is probably in the week of -- or is going to affect the week of the employment survey. >> the last week. >> and now, guys, if you have the next one back there, i don't know if you have it, you can see there what we show there is we're looking for only 80,000 jobs on friday. 95 in the private sector. that's a big jobs -- it might be hurricane related, but it could also be cliff related. there's these two things just backing up what joe said, folks, we've got enough to worry about without the stuff that we could probably fix and move on, there's enough going on. you can see that we're going to be substantially below the six-month average that we've been running there. and that shows that, you know, we were not robust to begin with, and this is why guys at the fed are concerned about things like this. if you're going 3% or 4% gdp, you have
of sandy jobless claims relative to katrina. if we don't have that chart -- there it is, great. it goes up and now we're in the down. it may pop back. but the trouble is that the big surge there is probably in the week of -- or is going to affect the week of the employment survey. >> the last week. >> and now, guys, if you have the next one back there, i don't know if you have it, you can see there what we show there is we're looking for only 80,000 jobs on friday. 95 in the private...
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Dec 7, 2012
12/12
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hurricane sandy, though, still making waves. analysts expect the super storm to dent unemployment figures out later today. we'll review that report when we come back. >>> here are the headlines. u.s. job growth is expected to have slowed significantly in november as hurricane sandy battered the economy. japanese authorities have lifted all tsunami warnings after a 7.3 magnitude quake struck off the northeastern coast. and bundesbank has sharply lowered germany's growth outlook from 1.6 to a mere 0.4%. it's warned of an imminent recession as problems in europe periphery weigh. futures at the moment forecasts a soft start. down 15 at the moment on the dow, nasdaq currently called down 3.8, and s&p 500 around 1.5 points. european stocks are flat really. forgave points for the ftse, xetra dax is up though at it highest level since 2008. up nearly 28% this year. flat on the cac, ibex down two thirds. but hurricane sandy is expected to have put a pretty big accident in the november u.s. jobs report. it's out at 8:30 eastern. nonfarm p
hurricane sandy, though, still making waves. analysts expect the super storm to dent unemployment figures out later today. we'll review that report when we come back. >>> here are the headlines. u.s. job growth is expected to have slowed significantly in november as hurricane sandy battered the economy. japanese authorities have lifted all tsunami warnings after a 7.3 magnitude quake struck off the northeastern coast. and bundesbank has sharply lowered germany's growth outlook from 1.6...
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Dec 3, 2012
12/12
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how much of this demand rise are we going to see will be sandy rebound from sandy and actually real demand? >> we have low interest rates and old cars on the road. so a lot of the demand is real demand. but the other thing is that all the checks haven't been written for sandy. we've had about two weeks of checks coming from insurance companies. but there will be more probably next month of that than there is this month. so it will help. but it's the general market conditions and cars that are on average 11.1 years of age that are really driving car sales. in this low interest rate environment, this is the other big ticket item. >> how are people going to fund their purchases? you have an 11-year-old car, how are they funding the replacement of it? >> well, the availability of credit has improved dramatically over the last eight months or so. and we're even seeing people with bumps in their credit history, subprime borrowers, getting more acceptances of their car loans. and of course there are a lot of incentivized interest rates from the manufacturer's financing arms out there, as well. th
how much of this demand rise are we going to see will be sandy rebound from sandy and actually real demand? >> we have low interest rates and old cars on the road. so a lot of the demand is real demand. but the other thing is that all the checks haven't been written for sandy. we've had about two weeks of checks coming from insurance companies. but there will be more probably next month of that than there is this month. so it will help. but it's the general market conditions and cars that...
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Dec 3, 2012
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some of that is attribute knowledge to superstorm sandy. an estimated quarter million vex were destroyed. those numbers will be out this morning. it would only say that it is speaking to, quote, interested parties. but delta air lines is involved in those sdgzs. virgin is the second largest airline at heath row. >>> and lenny dykstra will be sentenced today. he was found to have hidden and stole sports memorabilia other items that were supposed to be part of a bankruptcy filing. >>> the game of political chicken, we were looking to rise above the partisan politics and trying to get something done. david walker, ceo of the america comeback initiative, steve mcmahon, co-founder of purple strategies, you guys have been on for a while and we've talked about a lot of things. steve, just 1:30 ag ago, you made a point talking about the bush tax cuts. and i said the tax cuts have been near and dear and you said at least bush was smart enough to know that we couldn't afford them so they were sunseted. >> so they were sunseted. >> that may happen. in
some of that is attribute knowledge to superstorm sandy. an estimated quarter million vex were destroyed. those numbers will be out this morning. it would only say that it is speaking to, quote, interested parties. but delta air lines is involved in those sdgzs. virgin is the second largest airline at heath row. >>> and lenny dykstra will be sentenced today. he was found to have hidden and stole sports memorabilia other items that were supposed to be part of a bankruptcy filing....
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Dec 7, 2012
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and all this despite the effects of hurricane sandy. who knows how high we could have been if it weren't for that darn hurricane? yet the market barely blinked. yet the potential layoffs if we go over the cliff make these rearview numbers seem almost irrelevant to the market. hence the mixed performance of the averages today. sure, dow gained 81 points, but the s&p barely budged, edging up 29%. and the nasdaq actually declined .38%, led once again by the slip sliding away apple, which you know i like, but how many times during a particular show can i say i like it? so with that in mind, what's the game plan for next week? first off, perhaps the most important day of the week is monday. but not for any earnings. not for any releases. that's when we process the results of the weekend talk shows, which you now have to watch as if we were instead of watching, you know, college gameday, i'm watching like some of those other news stations -- and then of course sunday morning whoever -- you don't even pay attention -- football means nothing no
and all this despite the effects of hurricane sandy. who knows how high we could have been if it weren't for that darn hurricane? yet the market barely blinked. yet the potential layoffs if we go over the cliff make these rearview numbers seem almost irrelevant to the market. hence the mixed performance of the averages today. sure, dow gained 81 points, but the s&p barely budged, edging up 29%. and the nasdaq actually declined .38%, led once again by the slip sliding away apple, which you...
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Dec 5, 2012
12/12
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you have fiscal cliff, you have hurricane sandy. are you optimistic about what's happening in the economy if you take out the potential shocks? >> i don't think we make any change at all. i think the job market is producing 150,000 jobs per month, that's what we've been producing since the beginning of the year, over the past year, past two years, some months we're a little lower, higher, sometimes seasonal adjustment. if you take this month's number and x out sandy, that's over 200,000. >> that will add some jobs, that's not a fair comparison. >> so 200,000 minus 60 is 150 -- >> so you're right there. >> i don't think the economy has chang chang changed deappreciably over the last year. >> well, i think coming into friday's number, we're a little -- we don't think there's 80,000 worth of impact, might be closer to 40,000 or 50,000. whatever, there's been an impact and i agree with mark's point, 1 in about 150,000 job creation in the economy and i don't know that meaningfully changes. but i would say, if anything, the bias next year
you have fiscal cliff, you have hurricane sandy. are you optimistic about what's happening in the economy if you take out the potential shocks? >> i don't think we make any change at all. i think the job market is producing 150,000 jobs per month, that's what we've been producing since the beginning of the year, over the past year, past two years, some months we're a little lower, higher, sometimes seasonal adjustment. if you take this month's number and x out sandy, that's over 200,000....
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Dec 10, 2012
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some of that is sandy. you can't disentangle it. i'm sure it would have been better if it weren't for the uncertainty. we saw how bad it was in the summer of '11 and it will be the same now. >> i very much agree with ian on this point, that the uncertainty is associated with the fiscal cliff is at least a percentage point on the fourth quarter. and could be more than that. it's just a lurking weight on the business sector. and if we are going to get this growth, i think we've got to have a little bit more certainty on taxes, on regulation, and the trajectory of fiscal policy going forward. >> what i hear you both saying, though, and you're talking about spending issue, and not worrying so much about that, but i also hear you saying it would be a big mistake to raise taxes. >> absolutely. yeah. >> but the top 2%, is that the least deleterious people to raise it on? >> yeah, it would be. but right now i'd prefer not to raise taxes on anybody. but if you're going to do it, then the people at the lowest propensity to consume -- >> you d
some of that is sandy. you can't disentangle it. i'm sure it would have been better if it weren't for the uncertainty. we saw how bad it was in the summer of '11 and it will be the same now. >> i very much agree with ian on this point, that the uncertainty is associated with the fiscal cliff is at least a percentage point on the fourth quarter. and could be more than that. it's just a lurking weight on the business sector. and if we are going to get this growth, i think we've got to have...
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Dec 10, 2012
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nonfarm payrolls roads by 136,000 as the hit from hurricane sandy wasn't quite as bad as feared. the unemployment rate fell to a new low of 7.7%, but that was largely because many people had given up looking for work. and nearly half of u.s. companies say they would pull back on hiring if the economy goes over the fiscal cliff. now joining me on krn, jim cash. good morning and thanks for joining us. >> good morning. thank you. >> tell us a little bit about the results of this survey which indicate that companies have been reacting to the fiscal cliff by pulling back on spending or hiring. why haven't we seen that show up in the jobs report? is there a concern that we might see more of a pullback into next year? >> i think that's exactly what this survey is saying. about 50% have already taken some action. i think companies right now are waiting to see what's going to happen and it really comes down to two major issues. if we can get this fiscal cliff issue resolved, then we are looking at a pretty optimismic outlook from our members. but if we don't get the fiscal cliff, almost 6
nonfarm payrolls roads by 136,000 as the hit from hurricane sandy wasn't quite as bad as feared. the unemployment rate fell to a new low of 7.7%, but that was largely because many people had given up looking for work. and nearly half of u.s. companies say they would pull back on hiring if the economy goes over the fiscal cliff. now joining me on krn, jim cash. good morning and thanks for joining us. >> good morning. thank you. >> tell us a little bit about the results of this survey...
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Dec 4, 2012
12/12
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over the last month, despite hurricane sandy, it is still up 5%. but would going over the fiscal cliff hurt or derail the insurance giant as many expect it to derail business in general? joining me now is the chairman and ceo of allstate. thank you for joining us. president and congressional leaders are meeting with state governors today. you're one of the ceos who met at the white house with some of your other colleagues in business. what's your stance of where we are right now in terms of a deal? >> i'm concerned about it. the good news is everybody sees this as an opportunity to really show american global leadership. the rest of the world is all messed up on this. we can show them how to get it done. they've also all agreed on the three buckets, that being revenues, entitlements, and spending reductions. the bad news is they haven't agreed on how much into each bucket. and i don't think they're trying to create a win/win for each other. most good negotiations, you try to help the other person come out with a win. i don't see that here. >> you h
over the last month, despite hurricane sandy, it is still up 5%. but would going over the fiscal cliff hurt or derail the insurance giant as many expect it to derail business in general? joining me now is the chairman and ceo of allstate. thank you for joining us. president and congressional leaders are meeting with state governors today. you're one of the ceos who met at the white house with some of your other colleagues in business. what's your stance of where we are right now in terms of a...
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Dec 5, 2012
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the blame goes to superstorm sandy. goldman says the party is officially over for gold. >> starbucks at an investors conference will add 1,500 stores in the u.s. over the next five years. wait until you hear what they said about china. >> a big day in media. pandora ceo joins us live later this morning as the stock fell nearly 20% on weak guidance and netflix signs a big exclusive with disney. how much are they having to pay up for that? >>> let's deal with this big deal. as i've been telling you we'll see a lot of big deals -- i was wrong. here we are. freeport mcmoran buying not one but two companies. the combined price if you add it all together gets close to $20 billion. that does include debt. let's go through some of the details. it's somewhat complex. let's start with bigger of the two deals. freeport's purchase of plains. approximately $6.9 billion in total now. it's a cash and stock deal. .6531 shares and 39 bucks a share in cash. that adds up to $50 a share. that's a fairly significant premium when we look at
the blame goes to superstorm sandy. goldman says the party is officially over for gold. >> starbucks at an investors conference will add 1,500 stores in the u.s. over the next five years. wait until you hear what they said about china. >> a big day in media. pandora ceo joins us live later this morning as the stock fell nearly 20% on weak guidance and netflix signs a big exclusive with disney. how much are they having to pay up for that? >>> let's deal with this big deal....
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Dec 3, 2012
12/12
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how much is blamed on sandy when it shouldn't? >> everything blamed on sandy. that's going to work for a while. once you dig into the details, wait a minute, this isn't all sandy. because the east coast is a very big part of the -- >> obviously oh, yes. >> the economy. >> everybody who has gone through sandy. >> chicago is a big part, texas, california, they weren't affected directly by sandy. so that will come back much quicker if it's going to come back. that's where you have to look, to see what the trend was beforehand. >> okay. now europe. you know, there was a little bit of a -- a confusion this morning when spain asked for a bailout. they're talking bank bailout, country bailout, new program. rates are down. i've seen many stories, if this is really going to be a positive rates being down, we have to really draw in more global investors. do you think that will happen ultimately? >> ultimately, i do think it will. any time europe gets pushed to the background, i'm kind of pleased. as long as their banking system isn't going to affect ours, i think we can
how much is blamed on sandy when it shouldn't? >> everything blamed on sandy. that's going to work for a while. once you dig into the details, wait a minute, this isn't all sandy. because the east coast is a very big part of the -- >> obviously oh, yes. >> the economy. >> everybody who has gone through sandy. >> chicago is a big part, texas, california, they weren't affected directly by sandy. so that will come back much quicker if it's going to come back. that's...
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Dec 10, 2012
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also matt mccormick, sandy lincoln, and john spolinsani. what do we do between now and the end of the year? >> we wait. you hope there will be a resolution with the fiscal cliff. also 2013 could be a difficult year. it's the first year of the presidential term which is usually a weak un. earnings growth looks a little bit weaker. we are very big on di dends. we believe this is a grinded out market. prepare for instability. >> so it's glass half empty for you right now. >> we'd like to be optimistic but tell clients buy with sound balance sheets. and if the market goes up better, we're in a better position. >> i have to press you on what you say about you like companies that pay better dividends? >> right now you're looking at the. senate bill will will tax for gross incomes of $250,000. that's not a deal killer. there was an article this week talking about how dividends -- people buy dividends for income and downside protection. those issues do not go away regardless of what happens with taxes. people need income. >> you told us last time y
also matt mccormick, sandy lincoln, and john spolinsani. what do we do between now and the end of the year? >> we wait. you hope there will be a resolution with the fiscal cliff. also 2013 could be a difficult year. it's the first year of the presidential term which is usually a weak un. earnings growth looks a little bit weaker. we are very big on di dends. we believe this is a grinded out market. prepare for instability. >> so it's glass half empty for you right now. >> we'd...
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Dec 6, 2012
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we got the big distortions from san sandy. slowly working through that. so i think if there's an outlier, investors will yawn and wait for the big nonfarm payroll report tomorrow. >> are we comfortable mf-i don't know how comfortable we are. consumers seem to be in better fettl eflt. >> in spite of this anemic job growth that we've had during the entire jobless recovery, it seems like consumers sense the -- their balance sheets have improved pretty dramatically. so, yeah, consumers -- and that's led to consumers spending slightly more than what experts thought they would spend. >> so you're overweight large cap versus small cap. why? >> the large cap u.s. multinationals, they typically have overseas subsidiaries that can reach into the emerging pockets of growth. i like the dividends payers, as well, because in these choppy markets which we'll continue to have get nice dividends. >> all right much ha. . have a good day. that's it for today's program. "squawk box" it is next. ♪ [ male announcer ] how could a luminous protein in jellyfish, impact life exp
we got the big distortions from san sandy. slowly working through that. so i think if there's an outlier, investors will yawn and wait for the big nonfarm payroll report tomorrow. >> are we comfortable mf-i don't know how comfortable we are. consumers seem to be in better fettl eflt. >> in spite of this anemic job growth that we've had during the entire jobless recovery, it seems like consumers sense the -- their balance sheets have improved pretty dramatically. so, yeah, consumers...
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Dec 6, 2012
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post-sandy now reservations have come back from these airlines. there was a lot of worry of cancellations. >> because a lot of families still have not recovered from that. there was a thought that would be a much longer lag. >> bookings have returned to normal. that's key. >> kenny pulkari is here. there's no recipe. >> we might have to do takeout in the herrera household tonight. it's coming, guys, but it probably won't be here until tomorrow. you just have to wait. the market's kind of waiting, too. it's all on washington. i was impressed with yesterday the market was able to hold on to an advance in the face of apple. i think that boded pretty well. >> well, i think that's true but i think apple is a situation and issue unto itself. right? certainly it affects -- you saw what it did to the nasdaq yesterday. but for the broader market i think it does say a lot for the strength of the broader market in terms what have it wants to see. it wants to see the resolution. whether apple goes up or down. if we get a resolution of the fiscal cliff or the
post-sandy now reservations have come back from these airlines. there was a lot of worry of cancellations. >> because a lot of families still have not recovered from that. there was a thought that would be a much longer lag. >> bookings have returned to normal. that's key. >> kenny pulkari is here. there's no recipe. >> we might have to do takeout in the herrera household tonight. it's coming, guys, but it probably won't be here until tomorrow. you just have to wait. the...
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Dec 4, 2012
12/12
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>> we know it will be worse than it would have been because of super storm sandy. so you didn't know how much it was to do with that and how much was the economy. so it will be a bit of a wash in terms of reading the tea leaves for the u.s. >> so the growth picture for the u.s., we sort of 1%, 2%, depending on what happens with the fiscal cliff. what do you think, 2.5%? >> yeah, i think we should be 2.5% to 3% by the end of next year. >> which might be a slightly better outturn. china seems to be back on track. is there anything in europe -- what's the tail risk at the moment? >> i think there's two things that could still go wrong in europe. one, there's always political risk. in italy, you do have elections coming up. there's a chance getting a higher share than people anticipate. but even then, the financial forces are going to force any government that comes into power to more or less stick to the plan morsi set out. on the other hand, there's always spain, the worries that with 25% unemployment, that you would see the default rate particularly on residential m
>> we know it will be worse than it would have been because of super storm sandy. so you didn't know how much it was to do with that and how much was the economy. so it will be a bit of a wash in terms of reading the tea leaves for the u.s. >> so the growth picture for the u.s., we sort of 1%, 2%, depending on what happens with the fiscal cliff. what do you think, 2.5%? >> yeah, i think we should be 2.5% to 3% by the end of next year. >> which might be a slightly better...
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except for sandy, jobs would have been doing better, and sandy is seen as a temporary factor. >>> another usual factor, the layoffs and strikes from hostess. hostess filed for bankruptcy last month. want to bring you up to speed on facebook. facebook moving up. the social network will be listed on the nasdaq 100 next week and could be added to the s&p 500 very soon. shares are down nearly 30% since the ipo. but with the market value about $60 billion, it would rank among the top 50 largest companies. one economist says the move is imminent. when it moves into an index like that, portfolio managers and fund managers buy it, because many of them have funds that track the s&p 500. >> how do you feel about that jobs report? . . >> i would like to see a triple digit number, but i don't think we'll see it because of sandy, end of the year, companies are nervous. >>> we're watching a developing story in egypt where protests in the streets are expected against the country's president again. we are live from cairo after a quick break. >>> and rescue. a woman saved after police say her ex-husband t
except for sandy, jobs would have been doing better, and sandy is seen as a temporary factor. >>> another usual factor, the layoffs and strikes from hostess. hostess filed for bankruptcy last month. want to bring you up to speed on facebook. facebook moving up. the social network will be listed on the nasdaq 100 next week and could be added to the s&p 500 very soon. shares are down nearly 30% since the ipo. but with the market value about $60 billion, it would rank among the top 50...
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Dec 10, 2012
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scholar's is one of hundreds of new york schools damaged by superstorm sandy. gone are the plays in this auditorium. ♪ >> this is our grand piano, or was our grand piano. these were brand new curtains that we fought for years to get. they're still wet. >> reporter: the sea wolves marching band and the winning teams silent for now. the instruments and uniforms flooded in sewage. the gym now a construction zone. >> hey, guys, thank you for your hard work. >> reporter: this school's 1,100 students are being bussed to temporary schools like ps-13. >> we have students on the stage. they have the conference rooms, everything. we're using every single space in the room. we had little nooks. they're in nooks everywhere. >> reporter: honor student ryan panetta lost his home to sandy and his school. he told us what scholars' means to him. >> it was just fun to be there. like made kids actually like want to learn. >> reporter: fred is working to fix the school where his father worked and where he studied. he dreams his son will go there one day too. >> it's the best hig
scholar's is one of hundreds of new york schools damaged by superstorm sandy. gone are the plays in this auditorium. ♪ >> this is our grand piano, or was our grand piano. these were brand new curtains that we fought for years to get. they're still wet. >> reporter: the sea wolves marching band and the winning teams silent for now. the instruments and uniforms flooded in sewage. the gym now a construction zone. >> hey, guys, thank you for your hard work. >> reporter:...
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sandy. it looks like those are coming down again. the big jobs report will be tomorrow, which will give us the real gauge of what's happen iin here. they expect only 77,000 jobs added. and the unemployment rate, they think, will tick back up to 8%. 77,000. why? because of superstorm sandy. you didn't have hiring, people getting jobs in the northeast because during that time the last month or so. >> jack welch right now, they went up after the election. >> those chicago people. >>> all morning we've been following major developments in both syria, in egypt and syria there are new fears that they could unleash nerve gas on some of the rebels. that's a report from nbc news, that syria is loading the component chemicals. cnn has not confirmed that report yet. egypt, protoasters have started to gather outside the presidential palace in cairo. lots of anger building after the new president gave himself extra powers. the protests were very violent last night. the clashes killed at least five people
sandy. it looks like those are coming down again. the big jobs report will be tomorrow, which will give us the real gauge of what's happen iin here. they expect only 77,000 jobs added. and the unemployment rate, they think, will tick back up to 8%. 77,000. why? because of superstorm sandy. you didn't have hiring, people getting jobs in the northeast because during that time the last month or so. >> jack welch right now, they went up after the election. >> those chicago people....
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figure out what affect sandy had on this thing. we're still looking at growth in the 150,000 jobs a month range. do you see something stronger coming or are we stuck in the slow and steady crawl for a while? >> i think it should get stronger at some point over the next couple of years. if it doesn't, we're just going to stay up at this rate forever unless people just drop out of the labor force, but as christine said, you kind of want to get up to 200,000, even 2 250,000, to dig your way out of this. so i do think it will gradually get better. it's still going to take several years to get back to normal, but barring shooting ourselves in the foot, barring something really bad happening out of europe, i think it will get better between now and sometime next year. >> can we talk about these people dropping out of the labor force? why? you said more than normal couldn't get to work. but why are wepeople dropping o? what are some of the factors causing them to drop out? >> well, we're seeing a couple of things happen. one is the natura
figure out what affect sandy had on this thing. we're still looking at growth in the 150,000 jobs a month range. do you see something stronger coming or are we stuck in the slow and steady crawl for a while? >> i think it should get stronger at some point over the next couple of years. if it doesn't, we're just going to stay up at this rate forever unless people just drop out of the labor force, but as christine said, you kind of want to get up to 200,000, even 2 250,000, to dig your way...
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later this hour. >>> it's going to take massive amount of money to help the northeast recover from sandy. some $36 billion in new jersey alone. and now it's governor chris christie pushing the federal government to pick up 100% of that cost. if you are one of the millions of men who have used androgel 1%, there's big news. presenting androgel 1.62%. both are used to treat men with low testosterone. androgel 1.62% is from the makers of the number one prescribed testosterone replacement therapy. it raises your testosterone levels, and... is concentrated, so you could use less gel. and with androgel 1.62%, you can save on your monthly prescription. [ male announcer ] dosing and application sites between these products differ. women and children should avoid contact with application sites. discontinue androgel and call your doctor if you see unexpected signs of early puberty in a child, or, signs in a woman which may include changes in body hair or a large increase in acne, possibly due to accidental exposure. men with breast cancer or who have or might have prostate cancer, and women who ar
later this hour. >>> it's going to take massive amount of money to help the northeast recover from sandy. some $36 billion in new jersey alone. and now it's governor chris christie pushing the federal government to pick up 100% of that cost. if you are one of the millions of men who have used androgel 1%, there's big news. presenting androgel 1.62%. both are used to treat men with low testosterone. androgel 1.62% is from the makers of the number one prescribed testosterone replacement...
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. >> i'm looking to see what kind of impact sandy had on those numbers and maybe fiscal cliff holding some employers back tomorrow. >> so bad news? >> we'll see. >> for now we all know the siren mogul. >> but the ceo, howard schultz, some sobering advice to offer on the looming fiscal cliff. the consequences will be worse than last area's debt ceiling fight, when the u.s. credit rating was downgraded for the first time ever. his message to lawmakers, now is not the time to play politics. you've got to do the right thing for the american people. >> i think if people would get in the room and leave their ego behind and not be so skewed towards the party, but be so sensitive to the lens to have the american people, we will have an agreement. >> poppy harlow joins us now with more of her conversation with howard schultz. much of the conversation has been about, you know, what's the best thing to do for this country, but it's a globe -- he says the whole world is watching. >> yeah, that it has massive consequences for the entire world. but you want to ask someone like howard schultz who ru
. >> i'm looking to see what kind of impact sandy had on those numbers and maybe fiscal cliff holding some employers back tomorrow. >> so bad news? >> we'll see. >> for now we all know the siren mogul. >> but the ceo, howard schultz, some sobering advice to offer on the looming fiscal cliff. the consequences will be worse than last area's debt ceiling fight, when the u.s. credit rating was downgraded for the first time ever. his message to lawmakers, now is not the...
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the republican governor was here in washington to talk about hurricane sandy relief efforts, and now they're in danger of going over the fiscal cliff with the rest of the country at the end of the month. our national political correspondent jim acosta has been covering this story for us. what's the latest with chris christie in washington. >> reporter: this is some of the unintended consequences of the fiscal cliff. after a series of meetings with the president and house speaker john boehner, new jersey governor chris christie had little to say as he left washington, but as other senators we spoke to see it, the jersey shore may be running head on into the fiscal cliff. he visited the president at the white house, then he met with senators from his own state before slipping in to meet the speaker of the house. >> going home, guys. see you later. >> reporter: but then chris christie, a potential presidential candidate who is rarely at a loss for words, departed the nation's capital in near total silence. as it turns out, the new jersey governor's quest for money to rebuild the battere
the republican governor was here in washington to talk about hurricane sandy relief efforts, and now they're in danger of going over the fiscal cliff with the rest of the country at the end of the month. our national political correspondent jim acosta has been covering this story for us. what's the latest with chris christie in washington. >> reporter: this is some of the unintended consequences of the fiscal cliff. after a series of meetings with the president and house speaker john...
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sandy will have had an affect on this. what we're interested to know is whether or not the fiscal cliff fears had any affect on this. was there less hiring, anybody laying off in anticipation of the fiscal cliff? that will be hard to determine. christine and i will look at the numbers when they come in to see if there's any impact of that. the affect of sandy, 86,000 fewer jobs than we otherwise would have had. we're looking at a much lower number. christine appears to have it right now. we are -- >> lowest unemployment rate since december '08. 7.7%. that's the unemployment rate. surprise there. i'm going to listen to the jobs part of it. >> that is unexpected. we were expecting the unemployment rate to go to 8.0, from 7.9 to 8.0. it's gone the other direction. >> 146,000 jobs created. >> double than what was expected. >> diane s wochlswonk, chief ec. 7.7% is the unemployment rate, 146,000 jobs that have been added. the estimates were completely off. what are the implications of these numbers? >> well, certainly it's reass
sandy will have had an affect on this. what we're interested to know is whether or not the fiscal cliff fears had any affect on this. was there less hiring, anybody laying off in anticipation of the fiscal cliff? that will be hard to determine. christine and i will look at the numbers when they come in to see if there's any impact of that. the affect of sandy, 86,000 fewer jobs than we otherwise would have had. we're looking at a much lower number. christine appears to have it right now. we are...
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american infrastructure was in poor shape even before sandy hit. the american society of civil engineers gives u.s. infrastructure a grade of d. guess what? energy infrastructure did a bit better. it got a d-plus. the u.s. is spending money on the electrical grids and power plants. $566 billion by 2020. but according to the american society of civil engineers, that falls short by more than $100 billion. so what would the u.s. get. for that $100 billion an extra $11 billion every year? let me tell you, the american society of civil engineers says if you spend the $11 billion this is a multiplier effect, you get an extra $55 billion in economic output. it would protect 461,000 jobs. it would generate $73 billion in disposable personal income and create in disposable personal income. michael grunwald is the author of the new deal, the hidden story of change in the obama era. in his book, he argues for increased investment in energy infrastructure. mike, welcome to the show. you say that the electrical grid is slowly actually improving. we have any of
american infrastructure was in poor shape even before sandy hit. the american society of civil engineers gives u.s. infrastructure a grade of d. guess what? energy infrastructure did a bit better. it got a d-plus. the u.s. is spending money on the electrical grids and power plants. $566 billion by 2020. but according to the american society of civil engineers, that falls short by more than $100 billion. so what would the u.s. get. for that $100 billion an extra $11 billion every year? let me...
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why is that not considered sandy related? >> it is weird because there are two different surveys when you look at these jobs numbers. one comes from the businesses. the businesses, they take that survey, november 12th, and the businesses are for the job creation number. the other survey is called a household survey. that's how we determine the unemployment rate. and part of that household survey is did you look for a job last week, yes, no, and why not? so a lot of people said weather related. when i was digging into the numbers, i said a normal november, weather related, about 60,000, here we had 300,000, that's one of the reasons we saw the unemployment rate go down. look, i want to feel good about the unemployment rate being low, but 7.7% happened because fewer people were part of the labor force. that's not the right reason that we wanted to see the jobless rate go down. >> absolutely. and i want to read you something that paul krugman wrote in the new york times earlier this week. he said, long-term unemployment remains
why is that not considered sandy related? >> it is weird because there are two different surveys when you look at these jobs numbers. one comes from the businesses. the businesses, they take that survey, november 12th, and the businesses are for the job creation number. the other survey is called a household survey. that's how we determine the unemployment rate. and part of that household survey is did you look for a job last week, yes, no, and why not? so a lot of people said weather...
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the white house is questioning $60.4 billion for states affected by superstorm sandy. mary snow how as the unbelievable story of one man whose home survived the storm's wrath, but not what came next. >> reporter: you see one mangled home after another. this area was so hard hit, that residents are only allowed back in every three days to reclaim their possessions. that's a lot more than one man got after he returned home to find out that his home had been bu bulldozed, and he had not had the chance to reclaim anything. >> this is what you came home to two weeks after the storm. >> nick expected devastation, but not this. a seatcushion is all that's left of his family's summer home. two weeks after sandy, maria and his neighbors were finally allowed back into the area. but his house had been bulldozed. >> everyone else was here that week, that day, and i felt like a lost soul. everybody is taking clothing out, bringing their luggage, taking pictures out, whatever they could stuff in, and i had nothing to take. that was a shock. >> a long with shock came frustration over
the white house is questioning $60.4 billion for states affected by superstorm sandy. mary snow how as the unbelievable story of one man whose home survived the storm's wrath, but not what came next. >> reporter: you see one mangled home after another. this area was so hard hit, that residents are only allowed back in every three days to reclaim their possessions. that's a lot more than one man got after he returned home to find out that his home had been bu bulldozed, and he had not had...
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. >> president obama is asking congress for more than $60 billion for states affected by superstorm sandy. officials from states hardest hit say the money is just a start. with the fiscal cliff looming the staff is sure to face some resistance on capitol hill. >>> he spoke at this year's democratic national convention as an independent, but now former republican florida governor charlie crist is a proud democrat. crist posted a twitter photo friday showing his registration papers tweeting that he's proud and honored to join the party in the home of president obama. crist ran for the u.s. senate as an independent in 2010, but was defeated by marco rubio. some are speculating this move is in preparation for another run for governor against rick scott in 2014. >>> the supreme court has decided to take up two major same-sex marriage cases. the first is the defense of marriage act. the 1996 law denies federal benefits to legally married same-sex couples. right now around 120,000 legally married same-sex couples in the u.s. the second is california's proposition 8. that made same-sex marriage i
. >> president obama is asking congress for more than $60 billion for states affected by superstorm sandy. officials from states hardest hit say the money is just a start. with the fiscal cliff looming the staff is sure to face some resistance on capitol hill. >>> he spoke at this year's democratic national convention as an independent, but now former republican florida governor charlie crist is a proud democrat. crist posted a twitter photo friday showing his registration papers...
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. >>> hiring picked up last month despite the wrath of superstorm sandy. let's dig inside these numbers. can you see that 40% of the unploimd employed have within out of work for six months or longer, something we need to fix and something else we need to fix, the underemployment rate, 14.4%. those are people who are out of work or working part time and would like to be working full time. again, another number we have to fix. i want to show you where the jobs, are pretty important to look at. 53 retail jobs added, likely holiday hiring, no question, but some of these will be temporary jobs and not all of them are paying benefits or full-time. looking further, can you see professional and business services, 43,000 jobs created there. the government pointing out computer system analyst and related industries very, very strong job growth there. another reason why stem pays. this is the trend because we always look at these numbers in, you know, context for where we've been. the recession, millions of jobs lost and here is what we've been doing month after mon
. >>> hiring picked up last month despite the wrath of superstorm sandy. let's dig inside these numbers. can you see that 40% of the unploimd employed have within out of work for six months or longer, something we need to fix and something else we need to fix, the underemployment rate, 14.4%. those are people who are out of work or working part time and would like to be working full time. again, another number we have to fix. i want to show you where the jobs, are pretty important to...
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even with freakish weather, sandy the latest, we are not talking much about climate change and sandy brought us flooding in new york city and a blizzard in west virginia. yet, many politicians believe the pattern of extreme weather is natural. arizona's republican governor jan brewer among them. >> everybody has an opinion on it. you know? and, you know, i probably don't believe it's manmade. i believe that, you know, whether in certain elements are controlled maybe by different things. >> it's no doubt a hot button after we found out after ask the govern nor. >> why in the hell did that question come from? >> well, the reporter asked brewer that because she was just about to go in to the western governor's association to talk about energy. bill nye the science guy is here to talk about climate change. hi, bill. >> greetings. >> greetings. >> carol. >> when you hear -- when you hear jan brewer, you say -- >> well, we as science educators have a lot of work to do. climate change is caused by people and there's new find where the ice sheets are melting faster than anybody expected. sea
even with freakish weather, sandy the latest, we are not talking much about climate change and sandy brought us flooding in new york city and a blizzard in west virginia. yet, many politicians believe the pattern of extreme weather is natural. arizona's republican governor jan brewer among them. >> everybody has an opinion on it. you know? and, you know, i probably don't believe it's manmade. i believe that, you know, whether in certain elements are controlled maybe by different things....
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we still need to see the full impact of sandy. also with the election over, there aren't any sort of bigger imt implications for the presidential race. because the numbers are so foggy, the federal reserve isn't likely to look at this number as a real trend maker. the central bank. it's already said it keeps stimulating the economy even after the labor market gets better. we know this isn't likely going to steer the central bank in one direction or another. you flip the coin over, though, you have this people who say this report is very important. it's going to be driving the conversation on the fiscal cliff. we only have 25 days until the tax hikes and spending cuts start to take effect. here is the thing. this number came in much better than expected, don. so the bad part about this is that it may not motivate all those politicians on capitol hill as much as it may have, if it came in much weak er. this may not light the fire, so to speak. that could be the downside to the upside surprise to the number. don? >> alison, stick aro
we still need to see the full impact of sandy. also with the election over, there aren't any sort of bigger imt implications for the presidential race. because the numbers are so foggy, the federal reserve isn't likely to look at this number as a real trend maker. the central bank. it's already said it keeps stimulating the economy even after the labor market gets better. we know this isn't likely going to steer the central bank in one direction or another. you flip the coin over, though, you...
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we've had sandy, and we have all of this debate going on over the fiscal cliff, that's driving us all crazy, right? >> yes, it is. >> and what it's also doing is that it has gotten the corporate seblgtor in a position where they're not vin investing. they're waiting to see what's happening. nonetheless, we're still creating jobs. if you take into consideration the fact that we have those things, those neglect factors in at the same time regenerating jobs, and that means that there's a significant potential for the economy to grow. >> is it possible that this whole debate and the fiscal cliff, whether or not we go over it or not, would bakt how many people are working the next year? >> it will definitely impact, but i think what the numbers are telling us and what we've seen for the last couple of months is that the affect will not be as great as most people are predicting. you know, we kind of got this y2k kifr syndrome that's going on. it will certainly have an affect, but it also means that we can -- we're in a position to really craft a real comprehensive way to -- >> are these goo
we've had sandy, and we have all of this debate going on over the fiscal cliff, that's driving us all crazy, right? >> yes, it is. >> and what it's also doing is that it has gotten the corporate seblgtor in a position where they're not vin investing. they're waiting to see what's happening. nonetheless, we're still creating jobs. if you take into consideration the fact that we have those things, those neglect factors in at the same time regenerating jobs, and that means that there's...
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president obama asked congress for $60 billion for states affected by superstorm sandy. the request comes at a time when lawmakers are arguing how every dollar is spent. >>> our fourth story "outfront," an historic announcement. the supreme court decided today it will hear two constitutional challenges to same-sex marriage laws. if the court were to follow public opinion, the decision could come down in favor of gay and lesbian couples. recent polling shows 53% of americans think same-sex marriage should be legal. 46% say illegal. and on election day, voters in three states approved same-sex marriage. "outfront," mckay coppins, tim carney and maria cardona, cnn contributor and democratic strategist. this is kind of big news in all of this. tim, you saw the polls. now the supreme court will get involved in this. should this signal something to the republican party? should they say it's reached this level, we need to rethink our position on this? >> polls are one thing. there's also the fact most states don't have gay marriage yet and most of those that do, it was not put
president obama asked congress for $60 billion for states affected by superstorm sandy. the request comes at a time when lawmakers are arguing how every dollar is spent. >>> our fourth story "outfront," an historic announcement. the supreme court decided today it will hear two constitutional challenges to same-sex marriage laws. if the court were to follow public opinion, the decision could come down in favor of gay and lesbian couples. recent polling shows 53% of americans...
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this to look forward to. ♪ i got a little plan to you ♪ let's do a little dance we do ♪ >> danny and sandy together again, teaming up for a new christmas album, a firsthand this music video is any indication, let's just say it will be one of a kind. and that's the week that was. >>> when traveling to other cities and countries, the best way to get a real taste of the place is, of course, through the local food. cnn's i-report has now teamed up with "travel & leisure" magazine to create a global list of 100 places to eat like a local. >> reporter: i'm dan rivers in bangkok, and when i want to eat local on a rainy afternoon, there's nothing better than wong lee. they do amazing seafood here. fancy eating that. and rice, what else would you suggest? do you have any prawns? my favorite dish is the crispy pork. how do you get the pork so crispy? >> leave it one hour and then we clean with water and then make it dry first and then fry in many oil. this soup here very famous. >> yeah, lemon grass and mushroom and lemon. >> mm-hmm. >> and a little bit of milk. >> and it's quite spicy as well. >> s
this to look forward to. ♪ i got a little plan to you ♪ let's do a little dance we do ♪ >> danny and sandy together again, teaming up for a new christmas album, a firsthand this music video is any indication, let's just say it will be one of a kind. and that's the week that was. >>> when traveling to other cities and countries, the best way to get a real taste of the place is, of course, through the local food. cnn's i-report has now teamed up with "travel &...
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but sandy's fingerprints will be over this data. you're going to see fewer jobs created than expected because sandy kept companies from hiring, people from going out and finding jobs because that was a big disruption in the northeast. we'll start to see the effects of sandy, expected to be temporary but you will see that. >> do you think it will be big some. >> i think that -- i think that -- i think that sandy is going to mean tens of thousands of jobs at least. >> all right. >> more on that tomorrow. >> thank you. >> extreme make-over gop edition. >> paul ryan, marco rubio set a course for rebranding the republican party. >> can you guess the word of the year for 2012? your odds of getting it right are better than in previous years. that's because there are two words almost always looked up together. >> powerball. >> that's your hint. this holiday, share everything. share "not even close." share "you owe me..." share "just right." the share everything plan. sharable data across 10 devices with unlimited talk and text. get a droid
but sandy's fingerprints will be over this data. you're going to see fewer jobs created than expected because sandy kept companies from hiring, people from going out and finding jobs because that was a big disruption in the northeast. we'll start to see the effects of sandy, expected to be temporary but you will see that. >> do you think it will be big some. >> i think that -- i think that -- i think that sandy is going to mean tens of thousands of jobs at least. >> all right....
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he wants fema to reimburse the state for 100% of its emergency costs following superstorm sandy. the total? nearly $40 billion. >>> we've heard the controversy surrounding the food stamp program. another politician is taking the challenge to see what it's like for other people who rely on it. newark mayor cory booker is pledging to live off food stamps for one week, joining other celebrities like mario batali, colorado governor john hickenlooper, philadelphia mayor michael nutter and representative robert brady. joining me now is sister simone campbell. thank you, sister, for joining us this morning. >> glad to be with you, carol. >> i wondered what you felt about mayor booker's exercise. what do you think? is he doing the right thing? >> i think anything that brings attention of ordinary folks to the struggle of people, low-income neem our society, this probably is a step forward. i think he will find it quite challenging. when we were in milwaukee during a tour, our bus tour, we discov discovered a man and his wife and two kids who used food stamps for breakfast and lunch durin
he wants fema to reimburse the state for 100% of its emergency costs following superstorm sandy. the total? nearly $40 billion. >>> we've heard the controversy surrounding the food stamp program. another politician is taking the challenge to see what it's like for other people who rely on it. newark mayor cory booker is pledging to live off food stamps for one week, joining other celebrities like mario batali, colorado governor john hickenlooper, philadelphia mayor michael nutter and...
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he quantified the numbers by superstorm sandy. quote, superstorm sandy wreaked havoc on the job market in november, slicing an estimated 86,000 jobs from payrolls. >>> a quick market check right now, u.s. stock futures are still higher. fiscal cliff uncertainty is expected to weigh on stocks until that's resolved. we are 27 days until the fiscal cliff but there are only 27 days left until christmas. >>> before you part with your hard-earned money, some advice for smart is the new rich. some of the best things to buy in december, toys. but only if you wait until two weeks before christmas. tools and hardware. this is the time to buy school driver sets, lawn care tools, cooking and kitchenware. c cutl cutlery. things to stay away from, jewelry. you won't find low prices before gems and jewels before christmas. if you're going to propose wait until well after valentine's y day. electronics. best to wait until january or february. it's all about the bottom line, roland. newer models launched in later february, january. that's when you
he quantified the numbers by superstorm sandy. quote, superstorm sandy wreaked havoc on the job market in november, slicing an estimated 86,000 jobs from payrolls. >>> a quick market check right now, u.s. stock futures are still higher. fiscal cliff uncertainty is expected to weigh on stocks until that's resolved. we are 27 days until the fiscal cliff but there are only 27 days left until christmas. >>> before you part with your hard-earned money, some advice for smart is the...
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you didn't see a real pullback because of sandy in the numbers. maybe that will come in next month. look at the unemployment rate on the right there. 14.4%. the real unemployment. people that are working part time, want to be working full time, people out of work. >> by the way, that unemployment number, real unemployment number, is the same one we have low unemployment, too. when we low unemployment, it is actually high when you get the real numbers. >> these are the sectors we are flipping through. 43,000 jobs created. anyone trying to get your kid in college, government pointed out computer systems analysts and related fields very strong demand. that fits in that professional business services. good pay in that field. let's talk about the breakdown of race. african-american unemployment went down a little bit. 13.2%. >> still way too high. >> notice the disparities between the worker groups are still a problem. structural problems there. but the african-american unemployment rate went down and that's the trend. we have two years and change now of -- month after month of solid job
you didn't see a real pullback because of sandy in the numbers. maybe that will come in next month. look at the unemployment rate on the right there. 14.4%. the real unemployment. people that are working part time, want to be working full time, people out of work. >> by the way, that unemployment number, real unemployment number, is the same one we have low unemployment, too. when we low unemployment, it is actually high when you get the real numbers. >> these are the sectors we are...
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super storm sandy, a number of labor disputes and layoffs. the fiscal cliff. we were expecting the unemployment number to go up from 7.9 to 8%. it went down to 7.7. a number of economists thought we'd create 77,000. we created 146,000. before you opine on the report how reliable do you feel the report was? >> well, first of all i think it's important to know there were downward revisions to the previous two months which makes the trend not as good. anywhere 150,000 is not considered significant in the report. you are not capturing because it doesn't fall into the significant range. the survey was taken early in the month. a week earlier than the establishment survey. the household survey on november 5. it caused insult to injury and more people out of work cancelled flights. it wasn't captured in the unemployment survey. i think they say it didn't affect it but a number of people were affected by the storm conditions. 350,000 couldn't get to work because of weather conditions. >> assume we get over the issues, avoid the cliff. we're still looking at growth in
super storm sandy, a number of labor disputes and layoffs. the fiscal cliff. we were expecting the unemployment number to go up from 7.9 to 8%. it went down to 7.7. a number of economists thought we'd create 77,000. we created 146,000. before you opine on the report how reliable do you feel the report was? >> well, first of all i think it's important to know there were downward revisions to the previous two months which makes the trend not as good. anywhere 150,000 is not considered...
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so for example, in the case of sandy, which was not an especially big hurricane, the economic impact was $30 billion and that's in the developed world where we have the resources to deal with it. when you have people displaced on a continental scale, we're not talking about a few people trying to get through a fence at a border between countries. we're talking about tens of millions of people trying to move north, trying to move out of southeast asia. you're going to have trouble. so the sooner we get started on that problem, the better. >> these predictions are based on climate models -- >> i appreciate your yelling. that's good. >> mark, do you accept that the ocean levels are rising, that the planet is getting hotter, that co2 emissions have dramatically increased in the last 50 years, and ice sheets are shrinking and the planet population is doubling and accelerating at a terrifying rate, and that the combination of all these things is likely to be a major problem for the next two or three generations, and therefore, doing nothing shouldn't really be a sensible responsible option
so for example, in the case of sandy, which was not an especially big hurricane, the economic impact was $30 billion and that's in the developed world where we have the resources to deal with it. when you have people displaced on a continental scale, we're not talking about a few people trying to get through a fence at a border between countries. we're talking about tens of millions of people trying to move north, trying to move out of southeast asia. you're going to have trouble. so the sooner...